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Q8 Trade Review 2024

Written By

William Berg

Written By

William Berg

William contributes to several investment websites, leveraging his experience as a consultant for IPOs in the Nordic market and background providing localization for forex trading software. William has worked as a writer and fact-checker for a long row of financial publications.

» William Berg Profile Page

Fact Checked By

Tobias Robinson

Fact Checked By

Tobias Robinson

Tobias is a partner at DayTrading.com, director of a UK limited company and active trader. He has over 25 years of experience in the financial industry and contributed via CySec to the regulatory response to digital options and CFD trading in Europe. Toby’s expertise and dedication to financial education make him a trusted voice in the industry, including a BBC investigation into digital options.

» Tobias Robinson Profile Page

Updated

Jan 1, 2023

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Overall Rating

2.5 / 5

Q8 Trade is #107 in our CFD broker rankings.

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Customer Reviews

Minimum Deposit $250

Trading Platforms MT4, TradingCentral

Instruments Forex, CFDs, indices, shares, commodities, cryptocurrencies

Regulators FSA (Seychelles)

Account Currencies

Payment Options Visa

Awards

• Best Regional Forex Trading Platform 2018 - Global Brands Magazine
• Fastest Growing Forex Brand MENA 2018 - International Business Magazine

Q8 Trade is a forex broker based in the Middle East with offices in Limassol and Kuwait City. The broker offers two platforms, including MT4, plus a mobile app and several powerful trading aides. In this review of Q8 Trade, we cover withdrawals, fees, demo accounts, and the website login process.

Q8 Trade Overview

Q8 Trade is the brand name of MarketFinancials Limited, which is licensed and regulated by the Financial Services Authority (FSA) of Seychelles. Since 2017, the broker has provided multiple instruments, Islamic accounts and cross-platform trading.

Q8 Trade has offices in Kuwait, the UAE, Cyprus, and Bahrain. And with many of its clients from Dubai, Qatar, Saudi Arabia, Amman, and Israel, the broker aims to expand its presence in the Middle East and North Africa.

Trading Platforms

Q8 Web Trader

The broker’s proprietary web platform is easy to access straight from your internet browser and is provided free of charge. The platform offers user-efficiency with an easy to navigate interface and fast execution.

Features include:

• 9 time-frames plus dozens of technical indicators
• Customer support via phone, email, and live chat
• Daily news and technical analysis
• Advanced risk management tools
• 6 chart types plus drawing tools
• Real-time quotes

MetaTrader 5

MetaTrader 5 is a suitable option for more advanced traders and can be downloaded from the broker’s website.

Unlike MT4 and the Q8 Web Trader, MT5 offers 21 different time frames on multiple chart types for optimal customisation. The platform also offers over 80 technical indicators and graphical objects, Depth of Market view, a full set of trading orders, plus complete investing history.

Markets

Q8 Trade offers 45 currency pairs, 1 Bitcoin pair, 16 commodities (agricultural, precious metals, and energies), over 150 global stocks, and more than 25 indices. This is a reasonable range of products, though the company could expand its cryptocurrency offering.

Fees

Q8 Trade does not charge commissions, however, spreads include a mark-up so appear higher than competitors. Spreads on major pairs such as EUR/USD are around 1.5 pips. Crude oil is around 3 pips and the FTSE 100 around 4.5 points.

The broker does charge swap fees (not applicable to Islamic account holders) as well as a $30 inactivity fee on accounts left dormant for over 90 days.

Q8 Trade Leverage

The maximum leverage offered at Q8 Trade is 1:400 for forex. Indices and commodities can be leveraged up to 1:100 and stocks up to 1:10. Trading on leverage can involve a high level of risk if not researched properly.

Mobile Apps

Q8 Trade offers its web-trading platform as a mobile app, available on iOS and Android smartphone and tablet devices. The app offers customisable charts and a wide selection of technical indicators. However, the app comes in just two languages, English and Arabic, and some negative reviews point to slow customer service and technical issues.

Alternatively, users could opt for the tried-and-tested MT5 mobile app for a powerful and efficient trading experience. The app offers the same features as the desktop platform, though with fewer custom indicators. The app is available for download onto iOS and Android (APK) devices from the App Store and Google Play.

Payment Methods

Deposits

Q8 Trade offers deposits via bank wire transfer and cards (Visa, Mastercard, or American Express) only. There are no fees for deposits but traders should check for any fees charged by their bank or card providers. The minimum deposit for cards is $250 and for bank wire it’s $1,000.

Withdrawals

Withdrawals must be made via the same method that the original deposit was made. Unfortunately there is a $30 fee with withdrawals, which is fairly high. Platinum and Diamond account holders are exempt from this fee. The minimum withdrawal for cards is $25 and for bank wire it’s $100.

Processing times vary between 5 – 10 working days, plus the time it takes for funds to appear in your account, which depends on your bank.

Demo Account

Q8 Trade’s demo account is a good option for anyone looking to put their trading skills to the test within a virtual environment. Users can access real-time charts with $50,000 in virtual credit and refine their skills in analysis and risk management. You can also test the broker’s MT4 platform and mobile apps.

Q8 Trade Bonuses

Q8 Trade offers welcome bonuses with Silver, Gold, Platinum, and Diamond accounts, ranging from 10% to 25% of the initial deposit. There is also a 5% to 20% upgrade bonus for clients who re-deposit funds into their account, though Bronze account holders aren’t eligible.

Regulation

MarketFinancials Limited (Q8 Trade) is authorised and regulated by the Seychelles Financial Services Authority (FSA) with license number SD006. In recent years, the FSA has taken steps to tighten its regulatory practices and ensure a more stable framework for financial companies.

Additional Features

Q8 Trade’s most notable educational tool is the Hawks Trading Academy, providing access to webinars, e-books, courses, and articles to beginners who wish to become serious traders.

Other resources available include a market scanner for the detailed analysis of forex pairs, an economic calendar, Trading Central signals, and the Duplitrade automated copy-trading system.

Account Types

Q8 Trade offers 5 account types:

• Bronze – $250 minimum deposit, 1.8 pips standard spreads, 0.01 lots minimum order, Hawks Academy basic courses
• Silver – $1,500 minimum deposit, 1.8 pips standard spreads, 0.01 lots minimum order, Hawks Academy basic courses, account manager, 10% welcome bonus
• Gold – $10,000 minimum deposit, 1 pip standard spreads, 0.01 lots minimum order, Hawks Academy basic courses, account manager, 15% welcome bonus, trading signals
• Platinum – $50,000 minimum deposit, 0.7 pips standard spreads, 0.01 lots minimum order, Hawks Trading Academy basic and advanced courses, account manager, 20% welcome bonus, trading signals, exemption from withdrawal fees
• Diamond – $250k+ deposit, 0.4 pips standard spreads, 0.01 lots minimum order, Hawks Trading Academy basic and advanced courses, account manager, 25% welcome bonus, trading signals, exemption from withdrawal fees

Overall the accounts at Q8 Trader are likely to appeal more to experienced traders rather than beginners. Most traders would want to come in at Bronze level, however, the $250 minimum deposit is quite high compared to other brokers. Furthermore, tighter spreads are only attainable once you have at least $10,000 to deposit.

Benefits

Traders enjoy several benefits with Q8 Trade:

• Training centre
• Welcome bonuses
• Trading Central signals

Drawbacks

To improve the service, Q8 Trade could address the following areas:

• High withdrawal fees
• Limited payment options
• High minimum deposit in starter accounts

Trading Hours

Most forex pairs can be traded between Monday 00:00 and Friday 23:59 KSA. Precious metals are also open Monday to Friday from 01:00 to 24:00 KSA. All other markets vary depending on the specific asset and can be found in the contract specifications.

Customer Support

Help is available Sunday to Friday until 00:00 GMT+2 via telephone, email, or live chat. The live chat logo can be located in the bottom right-hand corner of the website and replies are usually received within 20 minutes. The support email address is support@q8trade.com.

To contact the team via phone:

• United Arab Emirates: +971-45869122
• Kuwait: +96522279506 +96522279507
• Cyprus: +357-25654189
• Bahrain: +973-65009636

There is also a complaint form in the support section of the website.

Security

MT5 has a good reputation for security, with SSL encryption and two-factor authentication as standard. However, Q8 Trade is not transparent with the level of security on its own platform, nor with transactions through its official website. This review would like to see the broker provider further detail on how it protects customer data.

Q8 Trade Verdict

Q8 Trade provides trading in forex, cryptos, stocks and commodities through a proprietary desktop and mobile app, as well as the trusted MT5 platform. The education centre is a great feature for beginners, however, the high spreads and withdrawal fees might be a deal-breaker for some.

Top 3 Alternatives to Q8 Trade

Compare Q8 Trade with the top 3 similar brokers that accept traders from your location.

1. IG – Founded in 1974, IG is part of IG Group Holdings Plc, a publicly traded (LSE: IGG) brokerage. The brand-US offers spread betting, CFD and forex trading across an almost unrivalled selection of 17,000+ markets, with a range of user-friendly platforms and investing apps. For 50 years, IG has maintained its position as an industry leader, excelling in all key areas for traders.
   Go to IG
2. World Forex – World Forex is an offshore broker registered in St Vincent and the Grenadines, offering commission-free trading with a $1 minimum deposit and 1:1000 leverage. Digital contracts are also available, offering beginners a straightforward way to speculate on popular financial markets.
   Go to World Forex
3. Interactive Brokers – Interactive Brokers (IBKR) is a premier brokerage, providing access to 150 markets in 33 countries, along with a suite of comprehensive investment services. With over 40 years of experience, this Nasdaq-listed firm adheres to stringent regulations by the SEC, FCA, CIRO, and SFC, amongst others, and is one of the most trusted brokers for trading around the globe.
   Go to Interactive Brokers

Q8 Trade Comparison Table

Compare Trading Instruments

Compare the markets and instruments offered by Q8 Trade and its competitors. Please note, some markets may only be available via CFDs or other derivatives.

Q8 Trade vs Other Brokers

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FAQ

Is Q8 Trade legit?

Q8 Trade is a legitimate company that holds an official regulatory license with the Financial Services Authority (FSA) in Seychelles.

Where is Q8 Trade based?

Q8 Trade is based in several local locations in the MENA region, with its primary office in Amman, Jordan. There are also additional support offices in Limassol, Cyprus, and Kuwait City.

How do I download the Q8 Trade app?

iOS and Android mobile users can download the app from the App Store or Google Play store.

Do Q8 Trade charge commissions?

No, fees at Q8 Trade are included in the spread, as well as the rollover commission, which can be found in the contract specifications.

How do I open a Q8 Trade account?

You can sign up for a demo or live account using the Sign Up logo in the top corner of the website. Live account users need to make a deposit straight after completing the registration form. Demo account users go straight through to the simulated trading platform.